Foxtons scraps dividend after swing to a loss

AdriaCalatayud

Estate agent Foxtons Group PLC (FOXT.LN) said Monday that it slid to a pretax loss in the first half of 2018 on the back of weak London property sales, and scrapped its interim dividend.

The company posted a pretax loss for the first six months of 2.5 million pounds ($3.3 million) compared with a profit of GBP3.8 million in the year-earlier period.

Revenue for the period fell 9.5% to GBP53.0 million from GBP58.5 million in the first half of 2017, Foxtons said.

The company said it didn't plan to declare a dividend for the period given that it didn't make a profit in the first half. In the year-earlier period, Foxtons declared a dividend of 0.43 pence a share.

The company said its outlook is mixed. The sales market remains subdued, but there is momentum in the renting business, Foxtons said. The company said it is reviewing its cost base in light of market conditions.

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